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The economic activity from the Roaring Twenties reached its peak. After that, it started to contract. It was the true start of the Great Depression. That same month, the Federal Reserve raised the discount rate from 5% to 6% to prevent inflation and defend the gold standard.
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Herbert Hoover beats Al Smith
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the market lost another 12% as a record 16 million shares were traded. When banks intervened this time, they worsened the panic.
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raised taxes on 900 imports. It originally was supposed to help farmers but ended up imposing tariffs on hundreds of other products.
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Hoover created the Department of Veterans Affairs.
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Food riots broke out in Minneapolis.
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Hoover signed the Revenue Act of 1932. It increased the top income tax rate to 63%. He wanted to reduce the federal deficit. Hoover believed it would also restore confidence. Instead, higher taxes worsened the Depression.
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Franklin Delano Roosevelt launched the New Deal with the Emergency Banking Act. It closed all U.S. banks to stop devastating failures.
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The Civil Works Administration created four million construction jobs
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The Gold Reserve Act prohibited private ownership of gold and doubled its price. The act changed gold price history.
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The Soil Conservation & Domestic Allotment Act paid farmers to plant soil-building crops.
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Japan attacked the Pearl Harbor Navy base. Congress declared war on Japan. The economy grew 17.7%, unemployment plummeted to 9.9%, and prices rose 9.9%. The debt grew to $58 billion. In total, FDR created the greatest percent increase in U.S. debt by a president.
